- Nano Labs purchased 74 315 BNB at $50 million to kick-start its Binance Coin Treasury Plan of $1 billion.
- BNB displayed price resistance after purchase, showing a growing market confidence.
Nano Labs is officially launching its Binance Coin [BNB] Treasury ambitions with a $50 million purchase – just a week after announcing its intent.
China’s listed firm on Nasdaq is positioning itself to be a key player in BNB.
Its latest acquisition, which is a digital asset company centered on BNB, has also triggered a sharp price increase for the coin.
Buy strategically to send a clear message to the crypto market
Nano Labs, a company that has made its mark in the nanotechnology industry. most aggressive move yet In order to create a BNB reserves, $50 million was spent in an over-the counter deal for 74,315 BNB.
The firm has taken a major step towards its digital asset strategy with this transaction. It was executed for an average price $672.45.
BNB also saw a dramatic increase in its price as the trading volume soared up to $1 billion.
Nano Labs now has a total of $160 million in crypto, which shows its growth within the digital assets space.
The company is aiming for a $1 billion reserve and long-term investment.
Nano Labs doesn’t only buy BNB – it’s building a vision around it. The China-based company announced in June that it would become an exclusive BNB Treasury Company, with a goal of a $1billion reserve.
This is what the press release said.
“Over the long run, Nano Labs intends to hold 5% to 10% of BNB’s total circulating supply.”
It plans to raise as much as $500 million via convertible notes and private placings. This money will help the company to continue its crypto-investment strategy.
The following are some of the ways to get in touch with us Bitcoin [BTC] The company’s focus has shifted. The company seems committed to growing its BNB stakes.
This move is described as an investment in crypto that has a long-term, strategic perspective.
BNB responds
BNB showed resilience after the acquisition.
The chart showed a steady rise the day after the purchase. However, the coin fell to below $656 by the Fourth of July and then recovered to reach the $660 area.
As of press time, at 49.67 the RSI was hovering near neutral, and the MACD remained slightly negative but showed signs convergence.
TradingView
The recovery is not yet an outright breakout but it does signal a growing demand from the buying side.
Momentum could build as the market takes in the total amount of the transaction. Investors may gain confidence in Nano Labs long-term Treasury strategy, which could accelerate this trend.
A stronger level of confidence can attract more buyers, and sustain upward movements.
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Source: ambcrypto.com
